For each separate case, record the necessary adjusting entry.
a On July Lopez Company paid $ for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December
b Zim Company has a Supplies account balance of $ at the beginning of the year. During the year, it purchases $ of supplies. As of December a physical count of supplies shows $ of supplies available.
Prepare the yearend adjusting entries to reflect expiration of the insurance and correctly report the balance of the Supplies account and the Supplies Expense account as of December
Journal entry worksheet
Record yearend adjusting entry to reflect expiration of the insurance as of December
Note: Enter debits before credits.
tableTransactionGeneral Journal,Debit,Credita
